Business Execs Brief VP Biden and Secretary Fox on Transportation Funding

Business leaders briefed Vice President Joe Biden and U.S. Transportation Secretary Anthony Foxx on July 9th regarding business issues associated with transportation infrastructure during a meeting hosted by the White House Business Council and Business Forward.

“Transportation used to have bipartisan support, but now we’re busy having philosophical discussions about government spending. Our job right now is to create a moment when something greater can happen. The business community will have a critical role in standing together to support smart public investments in infrastructure projects,” said U.S. Transportation Secretary Anthony Foxx.

Meeting participants included executives from large manufacturers, shipping companies, trade associations, and a range of other businesses, including Doug Oberhelman, chairman and CEO, Caterpillar Inc. and Matt Rose, executive chairman, Burlington Northern Santa Fe, LLC.

The meetings focused on two key points: the economic costs associated with a crumbling infrastructure and the need for Washington to put politics aside and focus on a transportation plan that will keep American goods and people moving.

The group agreed that this is a critical time where they must come together to restore America’s leadership in the global economy.

“The implications of an insolvent highway trust fund should be obvious to all Americans and that’s why Congress must take action. Failing to agree on a long-term, apolitical strategy to fund our infrastructure will have a deleterious effect on highway safety, the environment and our nation’s economic wellbeing,” said Steve Williams, chairman and CEO, Maverick USA in Little Rock, Ark.

Business leaders expressed concerns that the United States is falling behind other industrialized countries that are investing heavily in transportation infrastructure.

While China spends around nine percent of its GDP on infrastructure, the United States only spends around two percent.

Category: Featured, General Update, Management